Asic should be split in two after ‘comprehensively’ failing in role as regulator, parliamentary inquiry finds

Scathing report says commission’s investigations and decisions are ‘opaque’ and it responded to criticism by managing its own reputation

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Australia’s corporate watchdog should be split into two after “comprehensively” failing its role as a regulator, including focusing more on managing its reputation than enforcement action, a parliamentary committee inquiry has found.

The economics committee’s report, released Wednesday, delivers a scathing overview of the Australian Securities and Investments Commission’s (Asic) role in ensuring allegations of corporate misconduct are investigated and punished.

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